Brexit, in one form or another, is coming and we will likely leave the EU with or without a transition deal and with or without a longer term trading agreement by April 2019. There may be an extension but that would appear unlikely given all remaining EU countries would have to agree.
With the deadline approaching and just 6 quarters away, what do you think the impact of Brexit on your business will be? There are some immediate obvious implications due to the value of the pound making imports more expensive but exports more attractive to overseas buyers and it’s likely that longer term regulations and compliance (especially for electrical products etc) could be an issue.
The biggest single impact could be tariffs if there is no long term or interim trading agreement before Brexit. This would likely make UK goods more expensive to the EU and vice versa, but could actually make imports from outside the EU cheaper depending on WTO tariffs and where you’re importing from.
Exports up since Brexit referendum
eBay UK VP, Rob Hattrell views Brexit as an opportunity for eBay’s 200,000 professional sellers pointing out in a Sky News interview that the marketplace saw a growth of export products from the UK from the moment Brexit was announced.
Rob explained that the SMEs trading on eBay are very agile and able to redevelop and reconfigure and respond to macro-economic challenges and do it with enormous speed and that is absolutely essential to survive when you’ve got a customer population which is changing how it shops on a constant basis.
There may be little clarity around Brexit thus far, but because of the inbuilt flexibility and agility that SME eBay sellers already have, Rob views Brexit as an opportunity rather than a hurdle.
How do you think Brexit will impact you – Are you ready to embrace change or are you worried about the ramifications?